Microsoft has changed calculated fields to block the execution of custom markup. That means calculated fields that contain any unsupported markup will not display correctly.

This change went into effect on June 13, 2017. Administrators can request an extension through September 10, 2017 at the latest. During this extension, execution of custom markup in calculated fields will not be blocked. This request can be submitted through Microsoft Support. However, beginning September 10, 2017, all unsupported markup will be ignored. This change can be controlled in on-premise SharePoint 2013 and 2016 using CustomMarkupInCalculatedFieldDisabled setting.

Alternatives

SharePoint Framework Field Customizer

To extend the SharePoint user experience within modern pages and list/document libraries

Provides modified views to data for fields within a list/library

more powerful and can write custom code

End users need developer help to deploy the solution

For more advanced scenarios that column formatting does not support

Not supported in classic experience

Column Formatting

To customize how fields in SharePoint list/library is displayed

No change in data; only changes how it is displayed to the users who browse the list/library

Anyone who can manage list/library views in a list can use column formatting

You can perform basic create, read, update, and delete (CRUD) operations by using the Representational State Transfer (REST) interface provided by SharePoint. The REST interface exposes all the SharePoint entities and operations that are available in the other SharePoint client APIs. One advantage of using REST is that you don’t have to add references to any SharePoint libraries or client assemblies. Instead, you make HTTP requests to the appropriate endpoints to retrieve or update SharePoint entities, such as webs, lists, and list items.

If you have a requirement to select a taxonomy field from SharePoint Designer workflow using Call HTTP action, it is not a straightforward approach. The below article is going to talk about few workarounds for this problem.

My List

Note: Job Title is a Taxonomy field.

Problem 1 – Select query will not return Taxonomy Term Label

Problem 2 – Filter query can not be applied against the Taxonomy field.

Solution 1 – CAML Based REST Call

The following POST query help you to get the necessary results but the problem with this approach is we can not call this REST Endpoint from SharePoint Designer workflow as it contains curly braces and curly braces are used as tokens in SharePoint Designer.

Summary

This is an experimental web part. Because this technology’s specification has not stabilized, check the compatibility table for usage in various browsers. Also note that the syntax and behavior of an experimental technology is subject to change in future versions of browsers as the specification changes